Rankings Financial data & insurance broking CapMan
CapMan
80
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Margin and ROIC−6
- Earnings multiples−5
- Capital allocation−4
Strengths
- Capital raising and fee growth+2
- Insider buying+1
How the score is built
From 100 to 80, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.74 EUR
- Median analyst target
- 2.05 EUR
- Upside to median
- +18.0%
- Analysts
- 2
- Target range
- 2.00 – 2.10 EUR
- 52-week change
- −5%
- P/E (trailing)
- 22.9
- Forward P/E
- 12.9
- PEG
- 0.17
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−13 of −30
- −6Margin and ROICFee profit was only 3.6 m EUR in H1 2026 on 31.1 m EUR in fee income (about 12% margin); ROIC 3.5% vs WACC 6.1% and ROE 8.6% vs about 30% in 2021–2022.
- −3Quality of growthEPS EUR 0.08 (TTM) vs 0.21-0.25 in 2021-2022; comparable diluted EPS in H1 is unchanged at 3.0 cents, and the 2024 result (EUR 68.6m) was inflated by a one-off gain. Half of pre-tax profit (17.9m) comes from non-operating items (8.9m from operations).
- −4Capital allocationDividend of EUR 0.12 equals 195% of EPS and 408% of FCF; net debt has risen from EUR 8.6m (2024) to EUR 54.8m – the dividend is financed by the balance sheet.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −4Premium to equity (NAV proxy)The price of EUR 1.76 is 66% above book equity per share (P/B 1.66, P/TBV 2.32). That is at the bottom of its own history (P/B 1.50-3.73 in 2021-2025), but the high multiples were paid when ROE was about 30%; with ROE at 8.6% the premium is not cheap.
- −5Earnings multiplesTrailing P/E 23, EV/EBITDA 30 and P/FCF 60 (FCF yield 1.7%); forward P/E 13 sits mid its own range (11–15).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−5 of −35
- −3Dependence on the exit and fundraising marketCarried interest was only EUR 0.3m in H1 2026, and no numerical guidance is given; earnings rest on the flagship funds closing and the exit market opening.
- −2Debt and interest coverageDebt EUR 105.6m against cash of EUR 50.8m; interest cover only 1.75 and Altman Z 2.4.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Capital raising and fee growthRecord intake of about EUR 440m in Q2 (about 500m in H1), assets under management EUR 7.7bn (7.2 at end-2025), fee income +16% and fee result +28%.
- +1Insider buyingKummu Capital Oy (affiliated with senior employee Antti Kummu) bought 20,000 shares at EUR 1.856 on 24 Aug 2026 (about EUR 37,000).
Caveats
What the score does not capture, or where the data is weak.
The Helsinki listing (CAPMAN). CapMan is primarily an asset manager (PE, real estate, infrastructure) with its own balance sheet investments, not a pure investment company; no net asset value is published, so NAV discount/premium has been assessed as price to equity per share (EUR 1.03). Stockanalysis has no analyst forecasts (forecast 404), and PEG 0.17 is based on a 2024 result with a one-off gain, so the PEG formula may give a skewed result. The share count rose 4.5% in the latest quarter without the reason being investigated. The value of the balance sheet investments and the real estate exposure has not been reviewed. Q3 report 5 Nov. 2026.
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